Interest Rates

[Dr. Zaius]

This site is a handy aggregator of interest rates in your area.

Go HERE, put in your zip code and select the type of loan you're interested in.

It will pull local, national, and credit union lending rates.

In my area there was nothing below 3% for a 72 month loan.

A 72 month loan is brutal, though no longer out of the norm. Amortized over 72 months, the cost of just the interest will be closer to 10% of the total loan, not the 3.5% interest rate that's presented.

Does he absolutely have to have something now or can he save up some more cash to get a shorter loan?

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[Blue Streak]

Our 19 Ranger 0.9 our 21 CRV 0.9 hard to pass up. Never over 5 yrs always try for less. Crazy thing is we got 3 yr interest free on a set of $1200.00 recliners. Got a year & a half to go
Great to get free money.

 

[jtzako]

If you go through Ford, it will be pretty high. Like between 7 and 9%. If he can, check credit unions. I was able to get it down to 5.24% on a 72 month which was a few points lower than any of Fords offerings.

 

[JimJa]

When I bought my wife's '17 Escape, I financed through Ford Credit because at the time Ford was cutting a deal - $1,300 off the price when using Ford's credit. I took the deal, financed $8.500 and paid off the balance three months later. The reason for the three month delay is because the dealer gets a kick-back from Ford after 90 days. That car was sold when we purchased the '22 Escape Hybrid and the kick-back was not available. BTW, the Navy Federal Credit Union has nothing to do with the Navy and anyone can be a member. They have an excellent loan department.

Suspect, because the Bronco is the hot ticket now, Ford is not giving any kind of deal on loans, interest, kick-backs, or any other price reduction regardless of your credit score. They do have their standard $500 for military vet and $500 for loyalty discounts tho.

 

[D Fresh]

A 72 month car loan? Sheesh dude.

Seems like a father who was a CFO would suggest otherwise.

Ford is offering 0% on F-150s in my area according to advertisements. I'd push him towards a bigger truck for a better rate.

 

[Mustangman02232]

Timing is often times better than score.

Right when COVID started I had around 780 score, but what sealed the deal was no one was buying vehicles so they got desperate.

Ford offered me 0% at 84 months with the first 3 months deferred. Seemed like a no brainer.

i got mine on that too, part of the reason I took the 5.9 on my mustang, between the two of them it still averages out decent. But I’ll probably refinance that in the next year or so when everything comes crashing down.

 

[9zero1790]

geez.... this is clown shoes. i thought 3% was high... my old 4g that been paid off for years is looking better everyday.

 

[gtyates]

Interest rates are high currently, and getting worse. My wife and I, with an 800+ credit score, got a rate of 6.75% for 60 months on our nearly new 2021 Explorer Limited we bought last month. But, interest is not all of the picture. We bought our Explorer, fully loaded 4x4, 28k miles, for $15k less than the equivalent 2023 Limited lists for. We will probably pay it off way early, so again, interest is only part of the equation. For comparison, when I bought my 2019 Ranger in March, 2022, my rate is only around 4%. Look at the jump in the prime rate since March, 2022 and you understand why rates are high now. Personally we never buy new vehicles. The depreciation far outweighs any interest rate concerns, and I can be a "Z" plan buyer if I want to.

 

[Bravohook]

I’m a Dave Ramsey type of guy. Shouldn’t finance a depreciating asset. I’d tell him to save up and buy outright.

If he does finance the later months will offer better rates, Sept to Dec rates will dip or manufacturers will offer low rates to move model year leftovers.

Who knows with this “Booming” economy that was created things are not getting any better if the way mortgage rates are going………

 

[ROBERTECOX]

get a prepproval from a credit union. Then when you walk into the dealership all you'll be negotiating is the price of the bronco not the price of the bronco and the interest rate. If the dealer offers a zero or super low interest rate, you can bet he's making it up on the sales price.

 

[Joyride]

Unless they are running any promos on the new Broncos, 7% is my guess.

This was the exact rate I was preapproved for when I considered trading in my Ranger. However, decided to keep my truck because the math just doesn't work these days. The cost of new vehicles with these rates just felt irresponsible to do it lol.

 

[Scott_Anderson_]

This was the exact rate I was preapproved for when I considered trading in my Ranger. However, decided to keep my truck because the math just doesn't work these days. The cost of new vehicles with these rates just felt irresponsible to do it lol.

Honestly, it’s hard to say. Just yesterday, my wife’s friend bought a new GMC Acadia AT4. She has terrible credit. They gave her 4.9% and over KBB on her trade in. GMC might be running a promo, I’m not sure.

I guess the point I’m trying to make is having 800+ credit no longer guarantees you a good or better interest rate.

 

[Joyride]

Honestly, it’s hard to say. Just yesterday, my wife’s friend bought a new GMC Acadia AT4. She has terrible credit. They gave her 4.9% and over KBB on her trade in. GMC might be running a promo, I’m not sure.

I guess the point I’m trying to make is having 800+ credit no longer guarantees you a good or better interest rate.

Good point. There are promos out there for certain vehicles. I was looking at a new Mustang Mach 1, so no promos or incentives unfortunately.

 

[jtzako]

A 72 month car loan? Sheesh dude.

Seems like a father who was a CFO would suggest otherwise.

Ford is offering 0% on F-150s in my area according to advertisements. I'd push him towards a bigger truck for a better rate.

0% will be a very short term and a very high monthly payment. Not everyone can handle that. I do the 72 month to keep the interest as low as possible, and reduce the monthly so I can pay extra and pay it off early, and ultimately pay far less than the total interest.

 

[Joeiconic]

Not to be a jerk but I don't understand the purpose of this thread then? If you were a CFO of a large real estate development company you should know you can go to any banks site and look up their rates for anything from home, auto, HELOC and personal loan rates. Once you have that info you know what the best rates are in you area and can go to the dealership with that info and try to negotiate a better rate through them. If you can't then you go back to the bank that has the best rate and finance it through them.

LOL, I was thinking the same thing. Why ask this question in a truck forum.

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